The entry made in the Balance Sheet coupled with the note of the Auditor clearly amounts to acknowledgement of the liability – Vidyasagar Prasad Vs. UCO Bank and Anr. – Supreme Court
Hon’ble Supreme Court referring Asset Reconstruction Company (India) Ltd. v. Bishal Jaiswal (2021) ibclaw.in 55 SC upheld the decision of NCLT and NCLAT wherein it was held that the entry made in the balance sheet coupled with the note of the auditor of the appellant clearly amounts to acknowledgement of the liability.